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Quarterly Market Review

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Quarterly Market Review Quarterly Market Review [Third Quarter 2018] www.rathbonewarwick.com Quarterly Market Review [Third Quarter 2018] This report features world capital market performance Overview: and a timeline of events for the past quarter. It begins with a global overview, then features the returns of stock and Market Summary bond asset classes in the US and international markets. World Stock Market Performance The report also illustrates the impact of globally diversified portfolios and features a quarterly topic. World Asset Classes US Stocks International Developed Stocks Emerging Markets Stocks Select Country Performance Select Currency Performance vs. US Dollar Real Estate Investment Trusts (REITs) Commodities Fixed Income Impact of Diversification Rathbone Warwick Investment Management (“RWIM”) is a Registered Investment Adviser. This document is solely for informational purposes. Advisory services are only offered to clients or prospective clients where RWIM and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by RWIM unless a client service agreement is in place. www.rathbonewarwick.com Market Summary [Index Returns] Global International Emerging Global Bond US Stock Developed Markets Real US Bond Market Market Stocks Stocks Estate Market ex US Q3 2018 STOCKS BONDS 7.12% 1.31% -1.09% -0.03% 0.02% -0.17% Since Jan. 2001 Avg. Quarterly Return 2.0% 1.5% 2.9% 2.6% 1.1% 1.1% Best 16.8% 25.9% 34.7% 32.3% 4.6% 4.6% Quarter 2009 Q2 2009 Q2 2009 Q2 2009 Q3 2001 Q3 2008 Q4 Worst -22.8% -21.2% -27.6% -36.1% -3.0% -2.7% Quarter 2008 Q4 2008 Q4 2008 Q4 2008 Q4 2016 Q4 2015 Q2 Past performance is not a guarantee of future results. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Market segment (index representation) as follows: US Stock Market (Russell 3000 Index), International Developed Stocks (MSCI World ex USA Index [net div.]), Emerging Markets (MSCI Emerging Markets Index [net div.]), Global Real Estate (S&P Global REIT Index [net div.]), US Bond Market (Bloomberg Barclays US Aggregate Bond Index), and Global Bond Market ex US (Bloomberg Barclays Global Aggregate ex-USD Bond Index [hedged to USD]). S&P data © 2018 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. MSCI data © MSCI 2018, all rights reserved. Bloomberg Barclays data provided by Bloomberg. FTSE fixed income © 2018 FTSE Fixed Income LLC, all rights reserved. www.rathbonewarwick.com World Stock Market Performance [MSCI All Country World Index with selected headlines from Q3 2018] 270 “Fed Raises “Japan, EU Sign Trade “Nasdaq Crosses “Rising US Consumer Interest Rates, Deal: ‘We Stand 8000 Threshold Prices Are Eroding Signals One Together against for First Time” Wage Gains” More Increase Protectionism’” “US Economy Grew “Resignations Over “China’s Trade This Year” 260 at 4.1% Rate in “Greece’s Bailouts May’s Brexit Plan Surplus with Second Quarter” End, but Its Throw UK US Hits New Prospects Still Government into Record” Look Grim” Turmoil” “US Consumer “US Factory 250 “US Pressures Confidence Hits “US Jobless Sector Clocks China with 18-Year High” “Deficit Projected Claims Hit Strongest Punitive Trade, “Youth Unemployment to Top $1 Trillion Lowest Level Growth in Defense Hits 52-Year Low” Starting Next since 1969” 14 Years” Measures” Year” 240 230 220 July Aug Sep These headlines are not offered to explain market returns. Instead, they serve as a reminder that investors should view daily events from a long‑term perspective and avoid making investment decisions based solely on the news. Graph Source: MSCI ACWI Index [net div.]. MSCI data © MSCI 2018, all rights reserved. It is not possible to invest directly in an index. Performance does not reflect the expenses associated with management of an actual portfolio. Past performance is not a guarantee of future results. www.rathbonewarwick.com World Stock Market Performance [MSCI All Country World Index with selected headlines from past 12 months] Short Term (Q4 2017–Q3 2018) “China’s Trade “US Economy Reaches “US, China Tariffs Surplus with US “Nasdaq Crests Hit American-Made Hits New Record” 270 Its Potential Output for 7000 as Tech “Congress Passes “Trump Pulls Products from First Time in Decade” “Profits Surge at Giants Roar Mammoth Spending US Out of Chips to Cars” Bill, Averts Shutdown” Big US Firms” 260 “New-Home Sales Into 2018” Iran Deal” Growth Surges to 250 25-Year High” “Nasdaq Crosses 240 8000 Threshold “Inflation Rate “Trump Signs “Yield on 10-Year US for First Time” Hits Six-Year 230 Sweeping Tax Government Bond “US Factory Overhaul Into “US Imposes New Hits 3% for First High in May” Tariffs, Ramping Activity Hits Law” Time in Years” “US Jobless “Fed Raises 220 Up 'America First' 13-Year High” Claims Hit Interest Rates, Trade Policy” Lowest Level Signals One 210 since 1969” More Increase This Year” 200 Long Term Last 12 190 (2000–Q3 2018) months 300 250 180 200 150 170 100 50 160 0 2000 2005 2010 2015 150 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 These headlines are not offered to explain market returns. Instead, they serve as a reminder that investors should view daily events from a long‑term perspective and avoid making investment decisions based solely on the news. Graph Source: MSCI ACWI Index [net div.]. MSCI data © MSCI 2018, all rights reserved. It is not possible to invest directly in an index. Performance does not reflect the expenses associated with management of an actual portfolio. Past performance is not a guarantee of future results. www.rathbonewarwick.com World Asset Classes [Third Quarter 2018 Index Returns (%)] Looking at broad market indices, the US outperformed non‑US developed and emerging markets during the quarter. Small caps underperformed large caps in the US, non‑US developed, and emerging markets. The value effect was positive in emerging markets but negative in the US and non‑US developed markets. REIT indices underperformed equity market indices in both the US and non‑US developed markets. S&P 500 Index 7.71 Russell 1000 Index 7.42 Russell 3000 Index 7.12 Russell 1000 Value Index 5.70 Russell 2000 Index 3.58 MSCI Emerging Markets Value Index (net div.) 3.44 Russell 2000 Value Index 1.60 MSCI World ex USA Index (net div.) 1.31 MSCI World ex USA Value Index (net div.) 1.15 Dow Jones US Select REIT Index 0.72 MSCI All Country World ex USA Index (net div.) 0.71 One-Month US Treasury Bills 0.48 Bloomberg Barclays US Aggregate Bond Index 0.02 MSCI World ex USA Small Cap Index (net div.) -0.85 MSCI Emerging Markets Index (net div.) -1.09 S&P Global ex US REIT Index (net div.) -1.41 MSCI Emerging Markets Small Cap Index (net div.) -4.21 Past performance is not a guarantee of future results. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. The S&P data is provided by Standard & Poor’s Index Services Group. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. MSCI data © MSCI 2018, all rights reserved. Dow Jones data © 2018 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. S&P data © 2018 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. Bloomberg Barclays data provided by Bloomberg. Treasury bills © Stocks, Bonds, Bills, and Inflation Yearbook™, Ibbotson Associates, Chicago (annually updated work by Roger G. Ibbotson and Rex A. Sinquefield). www.rathbonewarwick.com US Stocks [Third Quarter 2018 Index Returns] Ranked Returns for the Quarter (%) The US equity market posted a positive return, outperforming both non‑US developed and emerging markets. Large Growth 9.17 Value underperformed growth in the US across large Large Cap 7.42 and small cap stocks. Marketwide 7.12 Small caps underperformed large caps in the US. Large Value 5.70 Small Growth 5.52 Small Cap 3.58 Small Value 1.60 World Market Capitalization—US Period Returns (%) * Annualized Asset Class YTD 1 Year 3 Years** 5 Years** 10 Years** Large Growth 17.09 26.30 20.55 16.58 14.31 Small Growth 15.76 21.06 17.98 12.14 12.65 Small Cap 11.51 15.24 17.12 11.07 11.11 55% Marketwide 10.57 17.58 17.07 13.46 12.01 US Market Large Cap 10.49 17.76 17.07 13.67 12.09 $29.7 trillion Small Value 7.14 9.33 16.12 9.91 9.52 Large Value 3.92 9.45 13.55 10.72 9.79 Past performance is not a guarantee of future results. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio. Market segment (index representation) as follows: Marketwide (Russell 3000 Index), Large Cap (Russell 1000 Index), Large Cap Value (Russell 1000 Value Index), Large Cap Growth (Russell 1000 Growth Index), Small Cap (Russell 2000 Index), Small Cap Value (Russell 2000 Value Index), and Small Cap Growth (Russell 2000 Growth Index). World Market Cap represented by Russell 3000 Index, MSCI World ex USA IMI Index, and MSCI Emerging Markets IMI Index.
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